Channel district apartment tower lands $76.8 million loan
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jul 25, 2024

The developer of a newly built apartment tower in downtown Tampa’s Channel district has secured a $76.8 million refinancing loan.

Daniel Corp., based in Birmingham, Alabama, secured the five-year, fixed-rate loan for The Mav using Fannie Mae’s Near-Stabilization Execution. A team from BWE’s Atlanta office — Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long — arranged the financing on behalf of Daniel Corp.

“As the Mav’s construction loan matured, it was critical for the borrowers to secure financing that would allow them to finalize lease-up toward full stabilization,” Tapie said in a statement. “Fannie Mae’s Near-Stabilization Execution proved to be the perfect execution for what they were seeking, and this loan will give the sponsorship the capital structure they need to ensure the Mav can stabilize operationally while hedging interest rate volatility. We value our capital partnerships and are continuously looking for means to tailor unique financing structures to meet our clients’ needs in today’s challenging environment.”

Daniel Corp. took out a $68.9 million construction loan to build the tower in 2020. The 324-unit Mav has 108 studios, 163 one-bedroom and 53 two-bedroom apartments and is currently 90% occupied, according to BWE.

The Mav was part of a building boom in the Channel district in the early 2020s that saw 1,500 apartments proposed in the urban neighborhood. Three of those four buildings — The Mav, 101 North Meridian and Inscription (previously Parc Madison) — are now leasing apartments. VeLa Tampa has yet to break ground.